The risk off sentiment has re-entered the market which could offer buying opportunities for the JPY. Could this offer trading opportunities on #GBPJPY?
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The risk off sentiment looks to have returned to the market this afternoon after further comments about Russia invading Ukraine. More sanctions are being outlined by the United Kingdom, United States and Europe as they try to prevent Russia from taking action. This has seen stock markets fall aggressively which in turn could bring strength to haven currencies like the JPY.
The Great British Pound has been weakening lately despite the positive Bank of England statements recently. This could see GBPJPY break lower in the short term especially if the risk off sentiment does continue.
The 4hr time frame shows the price forming a large head and shoulders pattern, which could offer short opportunities if the price completes the pattern. Once the pattern does complete and the price creates a new low we can look for short trading opportunities if the price can retest the supply zone and form bearish price action.
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